In an exciting development for the automotive industry, MG Motor has officially renewed its partnership with Crédit Agricole Consumer Finance in France, marking a significant milestone in their enduring collaboration. Since MG Motor's resurgence in the French market, this partnership has played a pivotal role in the manufacturer's growth, taking them from 700 sales in 2020 to an expected 25,000 sales this year.
This enduring partnership has not only driven remarkable sales growth but has also left a lasting impression on MG Motor's customers, with a remarkable 91% of them expressing satisfaction with the financing solutions provided by Crédit Agricole Consumer Finance.
Crédit Agricole Consumer Finance was the first partner to believe in MG Motor's revival in the French market, and today, both companies have reaffirmed their commitment to each other. Additionally, they have hinted at the introduction of new services that will enhance MG Motor's financing offers in the coming months.
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The significance of financing options for automobiles has been steadily growing over the years, with accompanying services playing a critical role in customer retention during the renewal phase. MG Motor and Crédit Agricole Consumer Finance initially entered into a partnership in December 2020, covering all leasing solutions (LOA and LLD) for individuals, artisans, and liberal professions. This partnership, which was set to conclude at the end of 2023, has witnessed remarkable success. Through its brand Sofinco Auto, Crédit Agricole Consumer Finance has been instrumental in MG Motor's transformation, elevating their sales from 700 units in 2020 to an anticipated 25,000 in the current year.
Thanks to the unwavering support of their partner, MG Motor was also able to launch a groundbreaking social leasing offer at €99 per month for the MG4 in July and August 2023. The response was overwhelming, with over 700 cars sold in just two months, accounting for approximately 10% of total MG4 sales during that period. In light of this success, MG Motor and Crédit Agricole Consumer Finance have decided to extend this social leasing offer to the MG4 and include the MG5 until the end of 2023.
Crédit Agricole Consumer Finance's investments in digitizing the customer journey and developing new services for individual and professional clients, such as maintenance, various short, medium, and long-term rental options, insurance, and the digitization of the sales process through delivery, have significantly influenced the decision to renew the partnership. The shared values of customer proximity and sustainable management have further strengthened the bond between Crédit Agricole Consumer Finance and MG Motor.
Hence, MG Motor and Crédit Agricole Consumer Finance are delighted to announce the renewal of their partnership, reflecting their commitment to innovation and customer service. The agreement also encompasses advantageous financing solutions for MG Motor France's network members, enabling all distributors to keep pace with the manufacturer's rapid growth.
Haojie GUO, CEO of SAIC Motor France, expressed, "The €99 per month social leasing launched in July 2023 in collaboration with MG Motor and Crédit Agricole is a perfect example of the innovation we aim to continue providing to our customers. Over the past three years, with Crédit Agricole's support, we have been able to double our sales each year. That's why today, we extend our historic partnership with Crédit Agricole Consumer Finance, which believed in MG long before our success in the French market. This fruitful collaboration aims to support our growth in the French market and continue offering competitive mobility solutions to road users. In 2024, we will introduce no less than four new MG models to the French market."
Stéphane Priami, CEO of Crédit Agricole Consumer Finance and Deputy CEO of Crédit Agricole S.A. in charge of Specialized Financial Services, emphasized, "By facilitating access to electric vehicles and renewing our support for MG Motor, we contribute to the transition of the French automotive fleet and Crédit Agricole Consumer Finance's strong ambition to become a leader in green mobility in Europe. We are proud to support this manufacturer, which enjoys a very positive image and whose project's strength in France is confirmed. Our commitment will match its strong ambitions for the coming years."